Source: www.securityweek.com – Author: Ionut Arghire
Endpoint security and secure access solutions provider Absolute Software (NASDAQ: ABST) has agreed to be acquired by Crosspoint Capital Partners for approximately $870 million.
Per the agreement, Crosspoint will acquire all the issued and outstanding common shares of Absolute at $11.50 per share, for a total enterprise value of $870 million, which includes Absolute’s current debt. Excluding debt, the transaction is valued at $657 million.
The acquisition was approved unanimously by Absolute’s board of directors, but is subject to the approval of Absolute’s shareholders at a special meeting to be held in late June. The deal will also be subject to court and regulatory approvals.
Following the acquisition, Absolute’s common shares will no longer be traded publicly.
An American–Canadian company headquartered in Vancouver, Absolute Software provides security solutions that offer visibility and control over devices, applications, and network connections.
The company claims it has over 21,000 customers around the world and that its solutions are embedded in the firmware of more than 600 million devices.
Crosspoint in recent years also acquired the RSA Conference, as well as network detection and response firm ExtraHop alongside Bain Capital Private Equity for $900 million.
Related: Cybersecurity M&A Roundup: 38 Deals Announced in April 2023
Related: Cybersecurity M&A Roundup: 41 Deals Announced in March 2023
Related: Google Completes $5.4 Billion Acquisition of Mandiant
Original Post URL: https://www.securityweek.com/crosspoint-capital-partners-acquires-absolute-software-in-870-million-deal/
Category & Tags: Funding/M&A,Acquisition,M&A – Funding/M&A,Acquisition,M&A
